// Canadian Gold

Following a favourable outcome on all claims in the arbitration proceedings brought by Cougar's
wholly owned subsidiary Tycoon Gold Resources against Kenora Prospectors and Miners Limited
(KPM) a partial award of CAD 296,000 was handed down in favour of Cougar.

The final award was held in abeyance pending the compliance by KPM of various orders under the
partial award which, despite several extensions, KPM failed to complete. On June 21, 2018 a hearing
was concluded in Toronto, Canada whereby it was agreed that the agreement with KPM was at an
end and a case for damages was argued before the arbitrator. It is expected that the arbitrator will
deliver his final award by the end of July, 2018.